News
Cebu Pacific to raise US$258 million to pay down debt
February 17th 2021
Cebu Pacific Air (CEB) said in a regulatory filing to the Philippine Stock Exchange yesterday it planned to raise 12.5 billion pesos (US$258 million) through a sale of 329 million convertible preferred shares. Read More » The proceeds from the capital raising, which was announced last October and confirmed yesterday, would "strengthen the company’s balance sheet by providing liquidity to address its financial liabilities", CEB said. This included 4.805 billion pesos to repay a JG Summit Philippines advance, 3.913 billion pesos for aircraft operating lease payments due this year, 3.328 billion pesos for debt repayments in 2021 and 384 million pesos for general corporate purposes including passenger refunds. The capital raising had the "full support" of 66.77% shareholder, CPAir Holdings, which plans to take up its full entitlement rights and any remaining entitlement rights not purchased by other shareholders.
